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International Internet Magazine. Baltic States news & analytics Saturday, 15.08.2020, 10:51

Estonia: FY profit of Neinar Seli's holding company up 2.5% at EUR 5.5 mln

BC, Tallinn, 28.07.2020.Print version
The net profit of AS Rondam Grupp, a holding of Estonian businessman Neinar Seli, climbed 2.5% year on year to 5.5 mln euros in 2019, while sales increased 3% to 40.9 mln euros, writes LETA/BNS.

Sales of the plastic packaging and packaging materials producer Estiko-Plastar, which earned a net profit of close to 2.2 mln euros on sales of 31.3 mln euros, accounted for the bulk of group sales posted for the financial year, it appears from the annual report. 

Exports accounted for 72% of the sales of Estiko-Plastar, marking a new high for the past five years. The biggest export markets were Latvia, Finland, Sweden, Norway and Denmark.

Property operator AS Tasku Keskus earned a net profit of 1.3 mln euros on sales of 4.8 mln euros. Station Hotel, owner of Dorpat Hotel, earned a net profit of 443,000 euros on sales of 1 mln euros. 

For Estiko Energia, 2019 was the first full year of business in the production of solar energy. The company owns 11 solar power plants with a total output capacity of 2.2 megawatts.

According to the management board, the biggest challenge for 2020 is preparing the design of the Raadi solar power plant, arranging for financing and the construction of the 50-60 megawatt plant that is to be built on an area of 110 hectares at a cost of 45-50 mln euros.

Rondam Group employed a workforce of 173 people on the average in 2019, translated into full-time jobs, five more than in 2018. Wage costs increased 8.4% year on year to 4.1 mln euros.

Undistributed profit of Rondam Grupp stood at 53.9 mln euros as at balance sheet date.

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